Further Re Sale of Reading site

RNS Number : 9509U

Lok'nStore Group PLC

04 August 2015

 

Lok'nStore Group plc ("Lok'nStore" or "the Company")

Additional £2 million received for sale of Reading site 

Lok'nStore, the fast growing self-storage Company with 25 stores across South East England, is pleased to announce that it has received an additional £2million from the purchaser of the original Reading store site in return for the relinquishment of all remaining rights to receive further payments in connection with the sale of the property. This sum is in addition to the £2.9 million received from the purchaser in 2014, taking the total consideration to £4.9m.

This agreement represents a full discharge by the purchaser of any further amounts due.

Andrew Jacobs CEO of Lok'nStore group said, "This is great news on our Reading site and new store. These additional proceeds will be recycled into our opening programme of highly visible purpose-built new stores. Our new purpose-built 48,000 square feet store in Reading which opened in October 2014 is trading very well and we are excited about our new Southampton and Bristol stores which will open next year."

-Ends-

Enquiries: 

Lok'nStore Andrew Jacobs, CEO Ray Davies, Finance Director	01252 521 010
finnCap Ltd Julian Blunt/ Giles Rolls, Corporate Finance Alice Lane, Corporate Broking	020 7220 0500
Camarco Bill Clegg / Tom Huddart	0203 757 4980

This information is provided by RNS

The company news service from the London Stock Exchange

 

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